Chicago, IL · Member since 2017 · 3 posts · 1 vote
I am 20 years old and I am hungry for knowledge and action. I am not here to rush myself to stop jumping in but I do want to be a part of the real estate investing community. I got the time and persistence but want to witness it with my own eyes. How would someone recommend me to start in Chicago's competitive market? Thanks
Ayrton Mendoza
Use BP to learn and network as much as you can, especially with other Chicago investors. There's a meetup the third Tuesday of the month at Dino's Pizza which is a great place to meet others.
As far as getting started, I would stand on a soapbox and advocate that you start with an owner-occupied 2-4 unit property. It's the easiest and best way to get in and learn while someone else pays the mortgage. You just have to screen your butt off to make sure you get the right tenants in.
Ayrton Mendoza
Use BP to learn and network as much as you can, especially with other Chicago investors. There's a meetup the third Tuesday of the month at Dino's Pizza which is a great place to meet others.
As far as getting started, I would stand on a soapbox and advocate that you start with an owner-occupied 2-4 unit property. It's the easiest and best way to get in and learn while someone else pays the mortgage. You just have to screen your butt off to make sure you get the right tenants in.
I am 20 years old and I am hungry for knowledge and action. I am not here to rush myself to stop jumping in but I do want to be a part of the real estate investing community. I got the time and persistence but want to witness it with my own eyes. How would someone recommend me to start in Chicago's competitive market? Thanks
My recommendation, develop a continuous learning program for yourself. It should include BP; join a couple of REI groups to learn & build your network; get some financial acumen by finding a group that plays Robert Kiyosaki cash flow; Learn how deals are financed (cash, conventional, hard money, private); Understand underwriting requirements; Learn how to value properties (As IS Value, ARV, Cash Flow);Understand commercial market versus residential; learn how to evaluate renovating a property,...... I could go on. The bottom line is learning the business & while learning develop your strategy, niche & network so you can then participate in the business as a professional.